This report was created to help providing references for these who considering asset purcase., not created to promote and sell particular asset. Sellection and purchase should be done according to the own research by the investors themselves. We use reliable data to bring this report, however, we should not beresponsible for the accuracy and completeness of the data. This reprot is written with the availble data on the day of issue and the numbers may change　so revision , change deletion amy occur without notice. The copy right of the report belong to J-Listo Corp. and usage/copy of this reprot wthiout our agreementshoul not be done in any case. The rights for original data/index used in this report belong to the original providers.

Japan Retail Fund Investment Corp.Commercial Facilities Specialized Type

Mitsubishi Corp. Grroup

Orix Jreit Inc.Convined Type, Orix Group

Nippon Accomodation FundResidence Specialized TypeMitsui Real Estate Group

Nomura Real Estate Residentail FundResidence Specialized TypeNomura Real Estate Group

From J-LISTO Rental Market (Office Vacancy）

J-REIT Market Data

Nippon Building FundOffice Building Specialized Type,

Mitsui Real Estate Group

Japan Real Estate Investment Corp. OfficeBuilding Specialized type, Mitsubishi Real

Estate Group

Real Estate Market Condition

Market Topics of the week Tokyo Pre-owned Condo Unit/Contracts closed are downNo. of contracts closed for pre-owned condo units of March 2011 in Greater Tokyo was 2495 cases (-19.2% against the previous year same month) and down from previous year is the first time in 4 months.3.11 Earthquake has made impact. Of the no. above, 1148 (-17.5%) is in Tokyo and 302 (-31.7%) is inChiba, down over 30% compare to the previous year same month. The average price was 508700 yen (-0.7% against the previous year same month) per square meter for Tokyo and was 391800 yen (-1.3%) inGreater Tokyo area. The price for condo units has been up for 15 months compare to the previous yearand been down against the same month the first time in 2 month.( East Japan Real Estate Distribution Network, issued April 11, 2011)

Vacancy Rate/Average Rent Rate New trend in Tokyo Office MarketFor the office market condition of Tokyo 5 wards (Chiyoda, Chuo, Minato, Shinjyuku and Shibuya), thevacancy rate is 9.19% at the end of March and up 0.09 points. This is because newly built buildings andexisting buildings both started offering office areas. 627364 tsubo areas were vacant and 6825 tsubo areaup against the previous month.It seems that the impact from 3.11 Earthquake has created demand to move offices into Tokyo area.Close watch on this trend should be done.(Miki Shoji/Office Report Tokyo, issued April 8 2011)

Trend on REIT market TSE REIT Index is stable even after the earthquakeREIT index has fallen as much as 15.1% after 3.11 Earthquake (March 15). However, very limited damageson the investment assets and Bank of Japan (BOJ) purchase of REIT pushed the recovery and now theindex on March 31 was 97% of March 10.J-REIT does not have many assets in Tohoku area, about 1% in the portfolio, and all of these are useable.Also, BOJ has been buying about 50 billion yen of J-REIT and this seems to support the bottom linesteady. Purchasing assets for REIT has been continuing even after the earthquake and many activities willbe seen in this area. (Mizuho Asset Management/J-REIT after the earthquake, issued April 1, 2011)

Already known is that the life and economy in Japan has been heavily affected by Great Tohoku KantoEarthquake on March 11, 2011 (3.11 Earthquake). It is said over 20 trillion yen has been lost and thedisaster level of Fukushima nuclear plant is now at level 7. At Tokyo Stock Exchange, Nikkei averagewent down to 8200 yen range one time. However, Tokyo in this April is experiencing rather normal activities. Reports say not even one buildinghas collapsed thanks to the strict building code. Nikkei average came back at 9600 yen range and Bank ofJapan has been and will be assisting economical recovery. Japan as a nation moves ahead. J-LISTO willcontinue distributing information of the events concerning our life and economy plus the recovery afterthe earthquake, through TREAT.

No.1 ： April 20, 2011

6

7

8

9

10

11

12

4 5 6 7 8 9 10 11 12 1 2 3

（％

）

Chiyoda-ku

Chuo-Ku

Minato-ku

Sinjuku-ku

Sibuya-ku

Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11

Chiyoda-ku 7.56 7.53 7.47 7.57 7.57 7.51 7.65 8.29 8.05 8.23 8.49 8.53

Chuo-Ku 8.44 8.41 8.68 8.89 8.98 8.82 8.62 8.9 8.61 8.88 8.83 8.77

Minato-ku 9.74 10.03 10.26 10.08 10.24 9.76 9.63 9.64 9.51 9.51 9.43 9.93

Sinjuku-ku 9.98 10.31 10.69 10.53 10.41 10.5 10.07 9.41 9.4 9.34 9.62 9.71

Sibuya-ku 8.84 8.95 9.42 9.17 9.31 9.54 8.75 9.15 9.59 10.06 9.78 8.88

Asset No.

Refernece No.

Name of Asset

Price

（ ㎡ unit price ※ 1 ）

GROSS Annual Return

Location

Type

Land Area(Official Registration)

Building Structure SRC 20Stories SRC 9Stories S 8Stories SRC 3Stories RC 6Stories

Total Area(Official Registration)

Month/Year built

Rent (full occupancy)

（Unit ㎡ price of above ※2）

Purchase Cost ※3

Note

Transportation

235.58 ㎡ 860.11 ㎡ 650.87 ㎡ 248.54 ㎡

3

20110315003

216.84 ㎡

Date Expires 2011/5/4

\57,256

5

(533,765円/㎡)

\33,253,236

\112,000,000

\64,604

\94,976,400

\24,800,000

2009/2

1,470.14 ㎡

\1,400,000,000

2009/2

5Chome Nishiikebukuro Toshima-ku

Tokyo Metro Marunouchi line"Ikebukuro"

1 minutes walk

\310,000,000

(952,290円/㎡)

6.78% 10.73%

580.78 ㎡

2Chome　Tokiwadai Itabashiku

Retail

Tobutojo　line　"Tokiwadai"

2 minutes walk5 minutes walk

Office

3,845.71 ㎡

1994/2

\128,000,000

\35,267

\135,626,364

2chome　Kitaueno Taito-ku

Tokyo Metro Hibiya line"Iriya"

Office、Retail

Ueno Takeuchi Building

(416,048円/㎡)

8.48%

\1,600,000,000

Ikebukuro Tosei Building

4,583.48 ㎡

1990/10

\190,637,040

\224,000,000

\41,592

20110315002

\2,800,000,000

(610,890円/㎡)

6.81%

1chome Nihonbashi Hamacho Chuo-ku

Toei Shinjuku line "Hamacho"

3 minutes walk

Office

\450,000,000

(642,591円/㎡)

7.18%

\32,329,200

700.29 ㎡

1991/3

\46,165

\36,000,000

ItabashiTJ　BuildingMinami Aoyama　NKBuiding NihonnbashiHamacho

7Chome　Minamiaoyama　Minato-ku

Tokyo Metro Chiyoda line"Omotesando"

12 minutes walk

Retail & Office

20110315004 20110315005

1

20110315001

2 4

※1　Asset Price ÷ Total Floor Area (Official Registration)※2　Annual Rent (Full Occupancy) ÷ Total Floor Areas※3　Cost needed when asset is purcahsed, however it is approximate calculation （Asset Price ×8％）.　　　Normally Purchase cost include, Acquisition Tax, Registration License Tax, Brokerage Charge.If you need to know management and maintenance cost, Property Tax, and other detaild infomation, Please request Property DetailInformation Material (Due Deligence Info.).

Asset No.

Reference No.

Name of Asset

Price

（ ㎡ unit price ※ 1 ）

GROSS Annual Return

Picture

Layout

Location

Type

Building Structure RC 32 stories SRC 44 stories SRC 6 stories ＳＲＣ 34 stories ＳＲＣ 6 stories

Stories/Total Unit No. 14th floor 387 units 29th floor 8,842 units 3th floor 22 units 2th floor 314 units 3th floor 39 units

Facing Toward

Total Area of the Unit

Balcony Area

Month/Year built

Vacancy

Annual Rent （ Forecast ）

Monthly Management and maintenanceCost（Apprx.）

Purchase Cost（Approximate Calculation）※

Note

9 106 7 8

20110315003M

(1,755,477円/㎡)

20110315001M 20110315002M

Aoyama Park Tower

\69,800,000

ParkHouse AzabuKasumicho

20110315004M 20110315005M

\129,800,000

(1,551,111円/㎡)

2Chome　Tsukuda　Chuo-ku 6Chome Nishishinjuku Shinjuku-Ku 1Chome Shibuya Shibuya-Ku

TransportationTokyo Metro Yurakuchoo line"Tsukishima" Tokyo Metro Marunouchi line"Nishishinjuku"

3Chome　Takanwa　Minato-ku

3 minutes walk

JR Yamanote line "Shinagwa" JR Yamanote line "Shibuya" Tokyo Metro Hibiya line "Hiroo"

6 minutes walk 6 minutes walk 8 minutes walk 9 minutes walk

１LDK １LDKS2LDK ２LDK ３LDK

2004/9 2010/2

South-Eest South South-Wast North-West

2000/3

12.30 ㎡

82.14 ㎡

6.34 ㎡

169.95 ㎡

31.99 ㎡

64.87 ㎡

\20,100 \31,650

1988/12

Occupied Vacant Vacant

\4,960,000 \8,480,000

Crest Tower Cemtral Tower Latour　Shinjuku Domus Takanawa

\11,840,000

\138,180

2011/5/4情報有効期限：

(955,758円/㎡) (1,290,480円/㎡)

4Chome Nishiazabu　Minato-ku

\27,000

\10,384,000

\2,400,000

East

Occupied Vacant

8.45 ㎡

73.94 ㎡

2003/5

45.00 ㎡

\5,584,000

10.85 ㎡

\16,880

(870,844円/㎡)

\62,000,000 \106,000,000 \148,000,000

※Cost needed when asset is purchased, however  it is approximate calculation （Asset Price ×8％）. Normally Purchase cost include,  Acquisition  Tax,     Registration License Tax,  Brokerage Charge.     If you need to know  management and maintenance cost, Property Tax, and other detailed information, Please request Property Detail Information  Material (Due Diligence Info.).